Economic Quarterly

1995

Spring 1995

Reflections on Monetary Policy

The president of the Richmond Fed reviews the conduct of monetary policy over the past 25 years from his perspective as a policy advisor and policymaker in the Fed during this period. In particular, he describes the evolution of the strategy of monetary policy and of the operating procedures the Fed uses in conducting policy. He concludes by repeating his call for Congress to provide the Fed with a clear and unambiguous mandate to pursue price-level stability as the primary goal of monetary policy.